Transaction in Own Shares

The Company announces that it has repurchased for cancellation £25,000 of its
12 5/16% debenture stock 2010 at a price of £134.25 per £100 nominal. The total
stock purchased to date amounts to £1,950,000 and the debenture stock remaining
in issue following cancellation of the stock repurchased to date will be £
17,168,645.

27 April 2005